CMA LAW: Resolution No. (97) of 2016 Regarding Amending Articles (10-23) and (10-24) of Chapter Ten (Attachment in Securities) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments

Having Perused:

- Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and

- Law No. (1) of 2016 on issuing the Companies Law; and

- Resolution No. (72) of 2015 on issuance of the Executive Bylaws of Law No. (7) of 2010 regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; and

- Based on CMA Board of Commissioners' Resolution passed in its meeting No. (34/2016) held on 13/10/2016 on amending Articles (10-23) and (10-24) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments; 

The Following Was Resolved:

Article (1)
Article (10-23) of Chapter Ten (Attachment of Securities) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments is hereby amended as follows: 

(The representative of the Exchange which conducts the sale must register all the sale procedures and any objections or restrictions and how they are dealt with in the sale report and shall document the presence or absence of the creditor and debtor and their signatures in the former case or their refraining from signing if they are present.)

Article (2)
Article (10-24) of Chapter Ten (Attachment of Securities) of Module Eleven (Dealing in Securities) of the Executive Bylaws of Law No. 7 of 2010 regarding the establishment of the Capital Markets Authority and Regulating Securities Activities and its Amendments is hereby amended as follows: 

(In the event of an auction, the representative of the Exchange which conducts the sale shall state names of bidders, domicile, place of business, prices offered by each of them, their signatures or refraining from signing in the sale report, as much as it can. The sale report shall particularly include the statement of the final price of the award of the winning bid, the name of the winner, its domicile, place of business and signature. It is enough for the representative of the Exchange which conducts the sale to continue or delay sale by declaring the same publicly and stating it in the sale report. In the event that no person makes any bids for purchasing the Securities in the value estimated in accordance with Article (10-22) of this Module, the term of sale shall be extended to the following day, if it is not a holiday, or to the next business day following the holiday. In the event that no one bids on the estimated value, the sale shall be delayed for another 
day. In such case, Securities shall be sold to the winner, even if the price offered is less than their estimated value.)

Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance in the Official Gazette.

Dr. Nayef Falah Al-Hajraf
Chairman, CMA Board of Commissioners 

Issued on: 26/10/2016

Copy of the Official Document

Disclaimer: The information provided on this page is for reference purposes only, visitors are encouraged to review and understand the information provided in the official scanned document attached in the link above (if available). The CMA endeavors to ensure that the information on this page is complete and accurate, but the CMA does not guarantee the quality, accuracy, or completeness of any content at any time. In the event the information on this page is different from the content in the official scanned document attached in the link (if available), the official scanned document attached shall take precedence.